In-Depth: The State of Cryptocurrency in New York
As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....
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Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. "If you are residing in and/or accessing Eobot within the State of New York, U. S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time," the company announced on its website. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place....
The state of New York is about to shoot itself in the foot yet again. First, the infamous BitLicense drew all cryptocurrency companies away and now they’re considering banning Proof-Of-Work mining. Or at least making it very hard for mining facilities and home miners to operate from the state. The New York State Assembly will […]
Currently, the pressure to suspend cryptocurrency and Bitcoin mining in the United States is gaining force in New York as the New York environmental agency evaluates the impact of crypto mining on the environment. On Monday, the New York state senate submitted a bill to enforce a 3-year pause on cryptocurrency mining across the state. […]
Note: this is a developing story. LocalBitcoins.com has discontinued service to New York State because of the state's BitLicense. LocalBitcoins.com joins BitFinex, Kraken and other cryptocurrency companies bolting New York on account of the law that prohibits the sale of bitcoin without a license. LocalBitcoins.com greets visitors with a popup window advising them to say whether or not they are New York state residents. The window provides a brief explanation of the regulation, 23 NYCRR 200, then asks them if they are a New York resident. Users then have to check a green-colored box saying....
Crypto miners are in for a major showdown with legislators. The relatively low cost of providing electricity in New York is rapidly making the state a flourishing hub for cryptocurrency miners. However, several locals and environmental organizations have voiced concerns about the impact of pollution as a result of the state’s fast growth. On Friday, […]